AbbVie finalizes $10 billion notes sale, pro forma debt load hits $80.4 billion

AbbVie Inc.'s prospectus supplement, dated August 4, 2026, confirms final pricing terms for its nine-tranche senior notes offering backing the Apogee Therapeutics acquisition. The offering raised a total public offering price of $9,982,652,500, with underwriting discounts of $41,812,500, leaving proceeds before expenses of $9,940,840,000.¹

AbbVie expects net proceeds of approximately $9.93 billion after deducting underwriting discounts and estimated offering expenses.¹ The company intends to use the proceeds to fund part of its cash payment obligations for the Apogee acquisition, along with related fees and expenses, and for other general corporate purposes including repayment or repurchase of outstanding debt.¹

The filing also discloses AbbVie's expanded debt profile. As of June 30, 2026, AbbVie had $68.4 billion aggregate principal amount of outstanding unsecured senior notes.¹ On a pro forma basis giving effect to this notes issuance, the company would have approximately $80.4 billion of outstanding indebtedness.¹ AbbVie also has unused borrowing capacity of up to $8.0 billion under its revolving credit facilities.¹

The nine tranches remain as previously reported: the Floating Rate Notes priced at 100.000% of face value with a 0.150% underwriting discount, the 2028 Notes at 99.970%, the 2030 Notes at 99.862%, the 2031 Notes at 99.977%, the 2033 Notes at 99.889%, the 2036 Notes at 99.832%, the 2038 Notes at 99.810%, the 2056 Notes at 99.441%, and the 2066 Notes at 99.843%.¹

The acquisition terms are unchanged. AbbVie is expected to acquire all outstanding Apogee shares for $135.11 per share in cash, a total equity value of approximately $10.9 billion.¹ AbbVie expects the deal to close in the third quarter of 2026, subject to regulatory approvals and other customary closing conditions, including Apogee shareholder approval.¹

If AbbVie announces the Acquisition Agreement has been terminated or tells the Trustee it will not pursue the deal, it must redeem the shorter-dated notes at 101% of principal plus accrued interest, though the 2056 and 2066 notes are exempt from this special mandatory redemption.¹